Clean Air Power Limited Update on the Review of Strategic Options (0617T)
July 15 2015 - 2:00AM
UK Regulatory
TIDMCAP
RNS Number : 0617T
Clean Air Power Limited
15 July 2015
15 July 2015
Clean Air Power Limited
("Clean Air Power" or the "Group")
Update on the Review of Strategic Options
Clean Air Power (AIM: CAP), the global leader in the development
and delivery of compression-ignited natural gas systems and
software for heavy duty vehicles, today provides an update on the
review of the Group's strategic options announced on 23(rd) June
2015 that is being led by KPMG Corporate Finance, as announced on
26(th) June 2015.
In response to KPMG's work to secure the long term financial
stability of the Group, a number of parties have expressed an
interest in acquiring all or a part of the Group. Such interest may
or may not lead to an offer being made for all or a part of the
Group. The Board, as advised by KPMG, are in the process of
evaluating these expressions of interest as a way to provide long
term financial stability and maximise the value of the Group within
the constraints of the Group's current financial position.
John Pettitt, Chief Executive of Clean Air Power, said: "As we
explained in our announcement on 23(rd) June, the decision by our
partner on the South East Asian MicroPilot program to extend the
first phase rather than proceed to the second and full production
phase, as we had expected, has put pressure on the Group's short
term cash flows; a position which has been exacerbated by falling
oil prices impacting sales of our Genesis-EDGE products in the US
and Russia. KPMG have been extensive in their work to secure the
long term financial stability of the Group and we will continue to
work with KPMG over the next few weeks to deliver the best solution
for all stakeholders, recognising that the Group's short term
financial position may act as a constraint on our ability to
maximise the value of the Group."
For further information, please contact:
Clean Air Power Tel: +44 (0)1772
John Pettitt, Chief Executive 624 499
Neill Skinner, Chief Financial
Officer
Citigate Dewe Rogerson Tel: +44 (0)20
Malcolm Robertson 7282 2867
KPMG Corporate Finance Tel: +44 (0)20
Jonathan Boyers 7311 1000
Pinesh Mehta Tel: +44 (0)20
Panmure Gordon 7886 2500
Corporate Finance Tel: +44 (0)20
Freddy Crossley / Atholl Tweedie 3540 1721
Corporate Broking
Tom Salvesen
Peat & Co
Charlie Peat
John Beaumont
Notes to Editors
About Clean Air Power
Clean Air Power designs, develops and delivers diesel ignited
natural gas engines for heavy duty transport applications. Clean
Air Power's technology substantially cuts fuel costs and carbon
emissions without sacrificing the original engine's characteristic
efficiency or reliability. Clean Air Power is well positioned to
assist corporations and governments to deliver on their
environmental commitments while at the same time reducing transport
operators overheads.
Initially founded in the USA in 1991, around GBP50m has been
invested in developing the technology with the result that 59
patents are currently held or pending. The holding company of the
Group is based in Bermuda with operational subsidiaries in the UK,
the USA and Australia. The Group was admitted to the AIM market of
the London Stock Exchange in February 2006.
Further information on Clean Air Power is available at
www.cleanairpower.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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